Mortgage demand drops sharply as 30-year mortgage rate rises

📆 4/19/2023 7:58 PM
📰 MarketWatch

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Mortgage applications fell 8.8% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.43%.

The numbers: Home-shoppers hit the brakes on purchasing homes as mortgage rates rose in the latest week.

Demand for mortgages fell 8.8% in the latest week as rates rose for the first time in more than a month. Key details: Refinancing, already in the doldrums, fell further. The refinance index fell 5.8% and is down 56% year to date. The big picture: The housing market will likely feel the effects of rising mortgage rates strongly, as buyers — already frustrated with a shortage of for-sale listings –pull back on purchasing homes.

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